Cross-Border Tax and Investment QA – Episode 6

Описание: You can reach Phil at [email protected] or via phone at 778-405-4453. You can visit his website here: http://beaconhillwm.ca

To setup a complimentary consultation please visit https://beaconhillwm.ca/get-started-now/ (limitations apply).

Note: apologies for the audio quality on this one. It will be fixed on the subsequent podcast.

On episode #6 of Crossing the 49th Podcast we walk through some common cross-border tax and investment questions that clients have.

Question 1: How do I report my US IRA distributions for Canadian and US purposes

Report on both Canadian and US returns
Claim an FTC in Canada
No reportable on the T1135
Resource any amounts above 15%

Question 2: How do I report sale of US securities on my tax return

Both sale of Canadian securities and US securities are only taxable in Canada
Need to resource US gains
Essentially not taxed on the US return
T1135 reporting
Easier if in a Canadian brokerage account

Question 3: What are some considerations before moving to Canada

See article posted on CPA site
https://www.cpapracticeadvisor.com/ta...

File both returns each year
FBARs and T1135s will be required
Review investments before moving to Canada
Pay income before entering Canada
US principal residence exclusion

Question 4: How to report my US revocable trust in Canada

Often used to shelter estate tax liabilities
Need to file a Canadian trust return for Canadian purposes
T1135s will required
Likely little benefit for Canadian and US purposes
Discuss with a cross-border estate planner

Question 5: How to apply for BC medical for new residents

You’re eligible for MSP if:

B.C. residents who are Canadian citizens or permanent residents
B.C. residents who are government-assisted refugees
international students with study permits
some people with work permits for 6 months or more
3 month waiting period

Most new residents from the US maintain US medical coverage to bridge the 3 month period, or longer

You can also stay updated on US Expat Tax and financial planning issues by following us at:

For personalized advice, contact Phil Hogan: [email protected]
Visit our website for extensive resources: http://beaconhillwm.ca
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Disclaimer:
The views expressed are those of Beacon Hill Wealth Management Ltd. partners and may change without notice. This content is for informational purposes only and does not constitute investment or tax advice, or a recommendation regarding any security, strategy, or account. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. For tax matters, consult your own professional advisor.